| Segment Information |
SEGMENT INFORMATION
We have aggregated certain of our properties in order to present five Reportable Segments: (i) Las Vegas Locals; (ii) Downtown Las Vegas; (iii) Midwest and South; (iv) Peninsula; and (v) Atlantic City. The table below lists the classification of each of our properties.
| | | Las Vegas Locals | | Gold Coast Hotel and Casino | Las Vegas, Nevada | The Orleans Hotel and Casino | Las Vegas, Nevada | Sam's Town Hotel and Gambling Hall | Las Vegas, Nevada | Suncoast Hotel and Casino | Las Vegas, Nevada | Eldorado Casino | Henderson, Nevada | Jokers Wild Casino | Henderson, Nevada | | | Downtown Las Vegas | | California Hotel and Casino | Las Vegas, Nevada | Fremont Hotel and Casino | Las Vegas, Nevada | Main Street Station Casino, Brewery and Hotel | Las Vegas, Nevada | | | Midwest and South | | Sam's Town Hotel and Gambling Hall | Tunica, Mississippi | IP Casino Resort Spa | Biloxi, Mississippi | Par-A-Dice Hotel Casino | East Peoria, Illinois | Blue Chip Casino, Hotel & Spa | Michigan City, Indiana | Treasure Chest Casino | Kenner, Louisiana | Delta Downs Racetrack Casino & Hotel | Vinton, Louisiana | Sam's Town Hotel and Casino | Shreveport, Louisiana | | | Peninsula | | Diamond Jo Dubuque | Dubuque, Iowa | Diamond Jo Worth | Northwood, Iowa | Evangeline Downs Racetrack and Casino | Opelousas, Louisiana | Amelia Belle Casino | Amelia, Louisiana | Kansas Star Casino | Mulvane, Kansas | | | Atlantic City | | Borgata Hotel Casino & Spa | Atlantic City, New Jersey |
Results of Operations We determine each of our wholly owned property's profitability based upon Property EBITDA, which represents each property's earnings before interest expense, income taxes, depreciation and amortization, preopening expenses, other operating charges, net, share-based compensation expense, deferred rent, change in value of derivative instruments, and gain/loss on early retirements of debt, as applicable. Reportable Segment Adjusted EBITDA is the aggregate sum of the Property EBITDA for each of the properties included in our Las Vegas Locals, Downtown Las Vegas, and Midwest and South, and Peninsula segments, and also includes our share of Borgata's operating income before net amortization, preopening and other items.
Results for Downtown Las Vegas include the results of our Hawaii-based travel agency and captive insurance company.
We reclassify the reporting of corporate expense on the accompanying table in order to exclude it from our subtotal for Reportable Segment Adjusted EBITDA and include it as part of total other operating costs and expenses. Furthermore, corporate expense excludes its portion of share-based compensation expense. Corporate expense represents unallocated payroll, professional fees, aircraft expenses and various other expenses not directly related to our casino and hotel operations. Other operating costs and expenses include deferred rent, and share-based compensation expense charged to our Reportable Segments.
The following table sets forth, for the periods indicated, certain operating data for our Reportable Segments, and reconciles Adjusted EBITDA to operating income, as reported in our accompanying condensed consolidated statements of operations for the three and nine months ended September 30, 2013 and 2012. | | | | | | | | | | | | | | | | | | Three Months Ended | | Nine Months Ended | | September 30, | | September 30, | | 2013 | | 2012 | | 2013 | | 2012 | (In thousands) | | Net Revenues | | | | | | | | Las Vegas Locals | $ | 140,291 |
| | $ | 138,787 |
| | $ | 442,808 |
| | $ | 442,563 |
| Downtown Las Vegas | 52,674 |
| | 53,547 |
| | 162,884 |
| | 166,494 |
| Midwest and South | 214,831 |
| | 232,965 |
| | 668,221 |
| | 710,415 |
| Peninsula | 130,722 |
| | — |
| | 400,416 |
| | — |
| Atlantic City | 200,051 |
| | 187,091 |
| | 538,572 |
| | 538,657 |
| Reportable Segment Net Revenues | $ | 738,569 |
| | $ | 612,390 |
| | $ | 2,212,901 |
| | $ | 1,858,129 |
| | | | | | | | | Reportable Segment Adjusted EBITDA | | | | | | | | Las Vegas Locals | $ | 26,350 |
| | $ | 24,271 |
| | $ | 104,278 |
| | $ | 97,292 |
| Downtown Las Vegas | 5,534 |
| | 6,356 |
| | 21,942 |
| | 22,897 |
| Midwest and South | 41,936 |
| | 48,708 |
| | 140,243 |
| | 157,841 |
| Peninsula | 45,274 |
| | — |
| | 144,309 |
| | — |
| Atlantic City | 46,592 |
| | 33,350 |
| | 102,844 |
| | 102,966 |
| Reportable Segment Adjusted EBITDA | 165,686 |
| | 112,685 |
| | 513,616 |
| | 380,996 |
| | | | | | | | | Other operating costs and expenses | | | | | | | | Corporate expense | 10,409 |
| | 9,082 |
| | 34,675 |
| | 29,756 |
| Deferred rent | 956 |
| | 996 |
| | 2,872 |
| | 2,988 |
| Depreciation and amortization | 69,002 |
| | 50,424 |
| | 209,358 |
| | 151,059 |
| Preopening expense | 1,675 |
| | 1,618 |
| | 4,829 |
| | 5,488 |
| Share-based compensation expense | 2,048 |
| | 1,607 |
| | 9,033 |
| | 7,560 |
| Impairment of assets | 1,250 |
| | — |
| | 6,282 |
| | — |
| Asset transaction costs | (1,362 | ) | | 645 |
| | 2,265 |
| | 6,917 |
| Other operating charges, net | 3,386 |
| | (1,074 | ) | | 5,181 |
| | (9,236 | ) | Total other operating costs and expenses | 87,364 |
| | 63,298 |
| | 274,495 |
| | 194,532 |
| Operating income | $ | 78,322 |
| | $ | 49,387 |
| | $ | 239,121 |
| | $ | 186,464 |
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Total Assets The Company's total assets by Reportable Segment consisted of the following amounts at September 30, 2013 and December 31, 2012: | | | | | | | | | | September 30, | | December 31, | | 2013 | | 2012 | (In thousands) | | Assets | | | | Las Vegas Locals | $ | 1,190,711 |
| | $ | 1,215,494 |
| Downtown Las Vegas | 132,462 |
| | 133,689 |
| Midwest and South | 1,336,878 |
| | 1,367,063 |
| Peninsula | 1,550,006 |
| | 1,604,778 |
| Atlantic City | 1,330,547 |
| | 1,388,562 |
| Total Reportable Segment assets | 5,540,604 |
| | 5,709,586 |
| Corporate | 232,477 |
| | 395,436 |
| Other | — |
| | 227,171 |
| Total assets | $ | 5,773,081 |
| | $ | 6,332,193 |
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